FRONT-ROW: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FRONT-ROW
Largest movements
- Cash +€41,748
up €41,748 (+44.2%), from €94,418 to €136,166
mainly Net result for the year (+€48,980) and Depreciation (+€38,169)
- Tangible fixed assets -€38,169
down €38,169 (-5.5%), from €687,849 to €649,680
of which Land and buildings: -€22,667
- Receivables within one year +€19,479
up €19,479 (+61.0%), from €31,936 to €51,415
of which Trade receivables: +€24,055
- Debts after one year -€32,862
down €32,862 (-6.6%), from €498,321 to €465,460
- Reserves +€27,892
up €27,892 (+13.6%), from €205,631 to €233,522
- Other debts +€27,097
up €27,097 (+32.3%), from €83,815 to €110,913
- Gross operating margin -€9,235
down €9,235 (-7.5%), from €123,439 to €114,204
- Taxes -€2,198
down €2,198 (-14.1%), from €15,605 to €13,407
- Other operating charges +€1,988
up €1,988 (+398.8%), from €498 to €2,486
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €871,203 | €894,261 | +€23,058 | +2.6% |
| Fixed assets | 21/28 | €744,849 | €706,680 | -€38,169 | -5.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €687,849 | €649,680 | -€38,169 | -5.5% |
| Land and buildings | 22 | €646,533 | €623,866 | -€22,667 | -3.5% |
| Plant, machinery and equipment | 23 | €616 | €274 | -€342 | -55.6% |
| Furniture and vehicles | 24 | €26,055 | €12,550 | -€13,505 | -51.8% |
| Other tangible fixed assets | 26 | €14,645 | €12,990 | -€1,655 | -11.3% |
| Financial fixed assets | 28 | €57,000 | €57,000 | = | 0.0% |
| Current assets | 29/58 | €126,354 | €187,581 | +€61,227 | +48.5% |
| Amounts receivable within one year | 40/41 | €31,936 | €51,415 | +€19,479 | +61.0% |
| Trade receivables | 40 | €22,253 | €46,308 | +€24,055 | +108.1% |
| Other amounts receivable | 41 | €9,683 | €5,107 | -€4,576 | -47.3% |
| Cash at bank and in hand | 54/58 | €94,418 | €136,166 | +€41,748 | +44.2% |
| Total equity and liabilities | 10/49 | €871,203 | €894,261 | +€23,058 | +2.6% |
| Equity | 10/15 | €218,031 | €245,922 | +€27,892 | +12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €205,631 | €233,522 | +€27,892 | +13.6% |
| Distributable reserves | 133 | €205,631 | €233,522 | +€27,892 | +13.6% |
| Amounts payable | 17/49 | €653,172 | €648,339 | -€4,834 | -0.7% |
| Amounts payable after more than one year | 17 | €498,321 | €465,460 | -€32,862 | -6.6% |
| Financial debts | 170/4 | €498,321 | €465,460 | -€32,862 | -6.6% |
| Amounts payable within one year | 42/48 | €154,851 | €182,879 | +€28,028 | +18.1% |
| Current portion of amounts payable after more than one year | 42 | €38,534 | €37,899 | -€635 | -1.6% |
| Trade debts | 44 | €19,866 | €14,698 | -€5,168 | -26.0% |
| Suppliers | 440/4 | €19,866 | €14,698 | -€5,168 | -26.0% |
| Taxes, remuneration and social security | 45 | €12,636 | €19,370 | +€6,734 | +53.3% |
| Taxes | 450/3 | €12,636 | €19,370 | +€6,734 | +53.3% |
| Other amounts payable | 47/48 | €83,815 | €110,913 | +€27,097 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,995 | €38,169 | -€826 | -2.1% |
| Other operating charges | 640/8 | €498 | €2,486 | +€1,988 | +398.8% |
| Gross operating margin | 9900 | €123,439 | €114,204 | -€9,235 | -7.5% |
| Operating profit (loss) | 9901 | €83,946 | €73,549 | -€10,397 | -12.4% |
| Financial income | 75/76B | €61 | €0 | -€61 | -100.0% |
| Recurring financial income | 75 | €61 | €0 | -€61 | -100.0% |
| Financial charges | 65/66B | €11,439 | €11,162 | -€277 | -2.4% |
| Recurring financial charges | 65 | €11,439 | €11,162 | -€277 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €72,567 | €62,387 | -€10,181 | -14.0% |
| Income taxes | 67/77 | €15,605 | €13,407 | -€2,198 | -14.1% |
| Profit (loss) for the period | 9904 | €56,963 | €48,980 | -€7,982 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,963 | €48,980 | -€7,982 | -14.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.